|18 August, 2019

Mineral sales in Egypt increase to $740mln in FY 2019/20

The ministry is working to increase production of mineral raw materials and products from 7m tonnes in FY 2018/19 to 8m tonnes in FY 2019/20, according to the source

Smoke billows from a chimney at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt November 7, 2018.

Smoke billows from a chimney at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt November 7, 2018.

REUTERS/Amr Abdallah Dalsh

The Ministry of Petroleum and Mineral Resources aims to increase the total mineral sales by about 2% during the fiscal year FY 2019/20, through increasing the production of mining and quarrying materials from different concession areas.

A government source said in a statement to Daily News Egypt that mineral sales will rise to $740m during the current fiscal year, compared to $725m in FY 2018/2019.

He added that the target state revenues from mineral sales will rise to $60m in FY 2019/20 from $58m in FY 2018/19, a growth of 3.4%.

The source pointed out that the ministry is working to increase production of mineral raw materials and products from 7m tonnes in FY 2018/19 to 8m tonnes in FY 2019/20.

The Egyptian Mineral Resources Authority works to prevent random exploration and increase the added value of quarry materials through processing operations instead of exportation as raw materials, in addition to setting clear controls for the utilisation of mines and quarries.

The source stressed that the Ministry of Petroleum is currently working to create an attractive investment climate for the development and utilisation of mineral wealth, in accordance with the state vision and goals in achieving sustainable development through the establishment of economic projects that achieve added value.

He pointed out that a package of reforms and a roadmap for the development of the mining sector have been initiated, after the issuance of the Mineral Resources Law, with the participation of several experts, specialists, investors, and concerned authorities in the country in order to encourage investment and attract major international companies.

The source added that the amendments to the Mineral Resources Law aim to separate between exploration and utilisation phases, which would attract more investments because exploration deals take lengthy measures.

© 2019 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).

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